... With just a few weeks left in the year, there have been 685 Vancouver condos flipped this year. That’s a staggering 74% increase from the year previous.

The 685 condos flipped is equivalent to 10.9% of all Vancouver condo sales this year, a nine year high. So yeah, basically one in every 10 sales this year were owners who were cashing in huge profits..."

... With just a few weeks left in the year, there have been 685 Vancouver condos flipped this year. That’s a staggering 74% increase from the year previous.

The 685 condos flipped is equivalent to 10.9% of all Vancouver condo sales this year, a nine year high. So yeah, basically one in every 10 sales this year were owners who were cashing in huge profits..."

This is a travesty. A property owner should be able to use AirBnB. If the City wants more purpose built rentals they need to give developers incentives such as CAC waivers, property tax holidays, density bonuses, parking variances etc. If politicians want developers to provide rental housing, start handing out the incentives or be quiet and sleep in the bed you make.

"Rental-only zoning would help supply if done correctly, says developer

Developer Aly Jiwan is optimistic that cities will now be able to zone for rental-only developments

In the B.C. government's throne speech this week, there were many promises about how the new NDP government will improve the housing crisis — including allowing municipalities to create rental-only zones to help increase supply.

... The city also announced in the news release that it is “actively investigating over 1,500 listings which appear to be illegal”.

“These include commercial operations and illegal/unsafe units that will not qualify under the new licensing program, in order to protect the safety and availability of Vancouver’s long-term rental stock,” according to the city.

The city also noted that following investigation and enforcement on these listings, almost 400 have been either converted to long-term rentals or taken off the listings.

“Prosecution has been initiated against commercial operators representing 89 listings, with the potential to collect fines of up to $890,000,” the city also revealed.

In addition, more than 400 listings were “targeted for enforcement, with multiple actions taken including warning letters, safety violation inspections, prosecutions and fines.."

One-bedroom units have dropped 2.7 per cent since last month.
Two-bedroom units have dropped 3.2 per cent.
Three-bedroom units have dropped 5.3 per cent.
"This is the first time we have actually seen a price drop in a long time, so hopefully [it] continues."

Here's something creepy! Saretsky is making comparisons with Miami of 2007; because of the oversupply and excess of investor buying in pre-sale condo.

"Shades of Miami 2007

…. Research from MLA Canada, a Real Estate advisory service working alongside developers suggests investor demand has largely dominated the pre-sale condo scene. Measuring pre-sale buyer activity in the Burnaby area of Brentwood and Metrotown, real estate investors made up 67% of all purchases in 2018, up from just 11% in 2012..."